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VolitionRx Limited's 2024 Fiscal Year Overview

VolitionRx Limited (NYSE AMERICAN: VNRX), a globally recognized company in the field of epigenetics, has announced remarkable financial outcomes and substantial business advancements for the fiscal year ending on December 31, 2024. This leader in innovative diagnostic solutions has demonstrated a commitment to enhancing health outcomes through improved disease detection.

Financial Highlights

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For the fiscal year 2024, VolitionRx reported revenues reaching $1.2 million, reflecting an impressive 59% increase compared to 2023 figures. The growth was driven mainly by exceptional sales of the Nu.Q® Vet Cancer Test, which saw a 75% rise, and Nu.Q® Discover, with 40% growth. Operating expenses also witnessed a significant reduction of 23%, attributable to effective cost management strategies. Notably, cash reserves totaled approximately $3.3 million as of the end of the fiscal year, supplemented by an $1.8 million non-dilutive funding round facilitated by Belgian institutions, alongside an additional $2.3 million raised via a registered direct offering.

Business Development Highlights

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VolitionRx's commitment to innovation is emphasized through its various accomplishments throughout 2024:

• - The company successfully sold around 120,000 Nu.Q® Vet Cancer Tests globally, with expanded availability in over 20 countries.
• - Significant independent studies were completed that validate the effectiveness of the Nu.Q® platform in the realms of oncology and sepsis.
• - Ongoing discussions with major players in the human diagnostics and liquid biopsy markets aim to tap into the lucrative sepsis and oncology markets, which are valued in the billions of dollars.
• - The Board of Directors was strengthened by the appointment of key industry leaders, including Timothy Still as Chair and Dr. Ethel Rubin as Independent Director, enhancing the commercial and financial expertise of the company.

Strategic Comments from Management

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Cameron Reynolds, the President and Group CEO of Volition, expressed optimism about the company's trajectory, stating, "Our focus in 2024 was on generating robust clinical data to attract significant partnerships in the diagnostics sector. We have surpassed our expectations by completing numerous independent studies that highlight the potential of our platform." He articulated that 2025 would pivot towards securing multiple licensing agreements for their human diagnostic indications, with various commercial discussions already underway.

Path Forward

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As VolitionRx sets sights on 2025, the aim is to maintain cash neutrality, aligning income with ongoing expenditures, including those incurred from licensing agreements. The groundwork laid in 2024 has poised the company for considerable engagement in the market, with ongoing efforts to replicate the successes seen in the veterinary space for human diagnostic applications.

Ongoing and Upcoming Events

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The company has scheduled a conference call for March 31, 2025, at 4:30 p.m. EST, intended to further discuss its quarterly financial results and strategic plans. Investors and stakeholders are encouraged to join and engage with the leadership team to gain deeper insights into the operational advancements and future initiatives.

About VolitionRx

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VolitionRx Limited is dedicated to advancing the field of epigenetics, with a mission to enhance the early detection and treatment monitoring of diseases through the development of cost-effective and user-friendly blood tests. Its efforts aim not only to prolong life but also to significantly improve the quality of life for patients suffering from serious health conditions.

For more information on VolitionRx and its initiatives, please refer to their official website or engage with their investor relations team.